The SEC Delays Rule on Bitcoin ETF Applications
The US Securities and Exchange Commission (SEC) has postponed its decision on six Bitcoin exchange-traded fund (ETF) applications. The applications come from companies such as WisdomTree, Invesco Galaxy, Valkyrie, VanEck, Fidelity, and BlackRock.
In a filing on August 31, the SEC announced that it would take an additional 45 days to review the proposed rule changes. This means that the decision on these applications will be made by October 2023.
Reports suggest that the SEC may consider applications with control-sharing agreements, leading many companies to resubmit their applications. Furthermore, Bloomberg analysts Eric Balchunas and James Seifart speculate that a Bitcoin ETF may be approved in the United States following a recent court ruling in favor of Grayscale’s appeal.
Bitwise’s Bitcoin Investment Product Excluded from Limitation
Bitwise’s Bitcoin investment product is not subject to the same delay. The agency is expected to provide an update on this product by September 1.
The CEO of Bitwise has expressed his support for moving forward with a Bitcoin ETF, stating on X (formerly Twitter) that it is time to do so after a 10-year wait.
Bitcoin ETF News Causes Market Volatility
The news surrounding Bitcoin ETF applications has led to increased market volatility. For example, after the Grayscale ruling, Bitcoin trading volume increased by 44% as a response to perceived corporate interest. As a result, over 37,680 bitcoins were withdrawn from exchanges, with users capitalizing on short-term gains.
Stay Informed with Additional News
If you’re interested in learning more about Bitcoin ETFs and related news, check out the following articles:
- Grayscale’s Bitcoin ETF optimism boosts cryptocurrency market sentiment
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